Name & explain the 2 "black" days in 1929.
Black Thurs Oct 24 stock prices drop; Tues Oct 29 people sell even at low prices & CRASH!
How were Hoover and Franklin D. Roosevelt different in ideas about government involvement?
They both wanted a lot of federal gov't involvement
Hoover wanted to expand govt; FDR didn't
Hoover didn't want to expand govt; FDR wanted programs
Neither of them wanted much federal gov't involvement
Explain sit-down strikes.
employers sat down blocking workers from entering building
a type of match that you light while sitting down
workers sat in the workplace & forced employers to bargain
What did the federal reserve do to the money supply in 1930? Did it help? p 283
Increased it, YES the banks got back on their feet right
Shrunk it, NO it caused more bank failures
Didn't get involved with money supply. YES, it helped.
What is the definition of an economic depression?
two quarters of lower GDP in a row
long, drastic decline in economic activity (lower GDP, etc.)
a short period of economic growth then a drop
when the rich lose money but the poor don't
What was one way that Franklin D. Roosevelt helped stabilize banks?
Bank holidays or Emergency Banking Relief Act
What people/ organizations did Hoover think should help the unemployed?
foreign countries such as Canada and Mexico
the government with various programs
families, churches, charities, and neighbors
In the 1920's what made it easy to have lots of things (cars, homes, refrigerators, etc.)?
Buying on credit or installment plans
Everyone had high-paying jobs
Philanthropists gave goods to the people for no cost
Lots of gold saved from the gold rush
What were fireside chats & who did them?
Smores cooking sessions by poor unemployed people
Bible stories told by pastors next to fires
Calm & reassuring radio talks by Franklin D. Roosevelt
What union people did while on strike
What is a surplus inventory (p 282) and how did it affect stock prices?
Goods already sold; caused prices of stocks to go up
A large warehouse; caused the prices of stocks to go up
Unsold goods; caused the prices of stocks to go down
Why did other nations think of the U.S. as a Christian nation?
The US was really nice to everyone
The character of Americans (morality, honesty, truthfulness)
Walt Disney's movies were about the Bible
Who was president at the start of the Great Depression?
Donald J. Trump
Franklin D. Roosevelt
Calvin Coolidge
Herber Hoover
Why were people who didn't even own stock affected by the stock market crash?
Banks lost money &/or failed& supply of credit was cut off
The government secretly ran out of the stock market
They were sad for the speculators so they didn't buy stuff
What practice did the National Labor Relations Act allow workers to do?
violent strikes
have office Christmas parties
collective bargaining
unreasonable demands
What is stock?
the money a stockholder gets from businesses or corporations
a 100% sure way to always make money
a paper certificate that lets you spin a wheel in Life
pieces of businesses or corporations
T or F Many stocks in the stockmarket were overpriced just before the Great Depression
True
What was the unemployment rate during the worst years of the Great Depression?
100%
17%
1 in 4 people
1 in 10 people
How did most people know about the various new and convenient goods to buy in the 1920's?
Television commercials.
Newspaper, magazine, and radio ads.
YouTube ads.
The pony express.
What happened government spending under FDR?
There was a deficit (spending more than receiving)
There was a surplus (spending less than receiving)
The budget was balanced.
What government program had workers building bridges, parks, roads, etc?
National Recovery Administration
Agricultural Adjustment Act
The communist party
Works Progress Administration
Name at least 2 things that made things harder for farmers during the Great Depression.
Less demand for food (lower prices), inability to pay back debt/getting evicted, Dust bowl (drought),
True or False Under FDR, the U.S. recognized the Communist government in Russia.
True
Name 2 risky things people were doing in the stock market before the depression.
selling low and buying high
buying stock
selling high and buying low
speculation (risky but quick) and buying on margin (credit)
Name at least 2 things people did for entertainment during the Depression.
radio, games (like Monopoly), motion pictures, sports, concerts at parks, front porch hang-out
What did FDR call his government spending and jobs program to help strengthen economy?
The New Deal
The Good Deal
The FDIC
Prohibition